Osoul Modern to drive financial transformation with Sharia Compliance

12 December 2016 12:11 PM

Osoul Modern today announced the signing of the Sharia Advisory agreement with Shariyah Review Bureau (SRB) to help create new value in its Islamic financing solutions.

To ensure seamless Sharia compliant performance, Saeed Ahmed Baghlaf, Managing Director and Board Member of Osoul Modern said “we are building our financing capabilities for the future. We have been working hard to create unmatched offerings to attract SME’s vital to the Kingdoms economy. With a focus on enhancing our corporate financing portfolio programs we seek to provide unique class opportunities which help finance essential service projects in Saudi Arabia.”

Speaking about the selection of SRB, Saeed added, “We are pleased to be teaming up with SRB, the fastest growing Sharia Advisory firm in the Middle East. This engagement will provideSharia compliance assurance to our customers and create exciting new opportunities for innovative products that comply with Sharia.”

Designed to provide financial institutions with exposure to Sharia advisory services, SRB is committed to empowering Sharia compliance transformation in services such as review, Certification, Sharia Audit and Sharia Consultation. By selecting SRB for its integrated Sharia compliance management platform, Osoul Modern will now have access to an enterprise-grade Sharia scholarly and Sharia audit infrastructure along with deep Islamic financial knowledge and extensive industrial practices.

SRB provides clients with a dedicated team of Islamic financial expertise and a deep knowledge base made up of 27 Sharia scholars and Sharia Auditors. “This direct access to experts and scholars helps empower every person, team and business within an organization to bring together new insights and drive faster Sharia approvals so as to seize new growth and opportunities,” said Yasser S. Dahlawi, CEO, of SRB.

Speaking about the growth of the business Yasser added, “outsourcing Sharia Advisory functions are a relatively new practice; however, as banks and financing companies have grown more familiar with the benefits of such arrangements, demand for direct Sharia scholarly access has increased substantially.” On aligning with Osoul Modern he commented. “Through this arrangement, Osoul Modern will benefit from our Sharia Consultation, Certification and Sharia Audit services, a value proposition that will further position Osoul for continuous growth.”